NATIONAL NEWS
2019 Asia LPG Summit held in New Delhi
Mr. Dharmendra Pradhan, Union Minister for petroleum and natural gas, inaugurated the 2019 Asia LPG summit in New Delhi. The summit has been organized jointly by the major Indian oil marketing companies (OMCs) Indian Oil, Hindustan Petroleum and Bharat Petroleum together with the World LPG Association (WLPGA) at the Taj Palace Hotel in New Delhi.
- This two-day event will focus on ‘LPG – Energy for Life.’ India is the 2nd largest consumer of liquified natural gas (LPG) in the world.
Cabinet approves establishment of Rashtriya Kamdhenu Aayog
The Union Cabinet chaired by Prime Minister Narendra Modi approved a proposal seeking the establishment of 'Rashtriya Kamdhenu Aayog' to conserve, protect and develop India's cattle population. The proposal was first made by Finance Minister Piyush Goyal while presenting the interim Budget on February 1.
- The Rashtriya Kamdhenu Aayog will work in collaboration with veterinary, animal sciences or agriculture universities, departments or organisations of the central/state government engaged in the task of research in the field of breeding and rearing of cows, organic manure, and biogas.
- The creation of Rashtriya Kamdhenu Aayog for the conservation, protection, and development of cows and their progeny will provide the policy framework and direction to the cow conservation and development programmes in the country and for ensuring proper implementation of laws with respect to the welfare of cows.
Government approves setting up of 12,000 MW solar power projects
The government approved a proposal for setting up of 12,000 MW of solar power projects by state-run producers. The producers will be provided with a viability gap funding support of Rs 8,580 crore for self-use or use by both central and state government entities.
- The CCEA decided that 12,000 MW or more of grid connected solar PV power projects would be set up by government producers in 4 years i.e. 2019-20 to 2022-23, thereby creating investment of about Rs 48,000 crores.
Smriti Irani launches India Size project in Mumbai
Union Minister of Textiles Smriti Irani launched the India Size project in Mumbai. A first-of-its-kind project in the history of the country, India Size aims to arrive at a standard Indian Size for the ready-to-wear clothing industry, on the lines of the standardized sizes available in countries such as the USA and the UK.
- India size project will benefit manufacturers, consumers and generate data which will help tap into the potential of the sector. The Minister also launched a Study of Apparel Consumption in India. The report of this study would be ready for release by July 2019.
Maharashtra govt sets up panel to review welfare schemes for tribals
The Maharashtra government has set up a committee to review various schemes being implemented for the welfare of tribals in the state. The 17-member committee, headed by former MLA and Shramjeevi Sanghatna president Vivek Pandit, will undertake study of various works done for providing employment opportunities, minimum wages and proper livelihood to tribals, as per a recent government order.
- It will suggest measures to ensure that children in tribal regions were not deprived of education.
INTERNATIONAL NEWS
NATO's 70th anniversary meeting to be held in UK in December
NATO's next meeting of Heads of State and Government will take place in London this December, marking the 70th anniversary of the military pact. Stoltenberg also highlighted that London was home to NATO's first headquarters, adding that the UK is one of the alliance's 12 founding members.
- Extra info.:
NATO Members: 29
Headquarters: Brussels, Belgium
Macedonia signs accord to join NATO
Macedonia signed an accord to join NATO to become the 30th member of the US-led alliance. NATO Secretary General Jens Stoltenberg said the admittance of a new member highlighted that all European nations who meet the entrance criteria could join the regional alliance.
- The Macedonia-NATO accord follows a deal with Greece ending a 27-year-old dispute over Macedonia's name. The accord must now be ratified by allied governments.
- Extra info.:
Macedonia Capital: Skopje
Currency: Macedonian denar
BUSINESS & ECONOMY
RBI Policy full text: MPC cuts repo rate by 25 bps to 6.25%
On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect.
- Consequently, the reverse repo rate under the LAF stands adjusted to 6.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.5 per cent. The MPC also decided to change the monetary policy stance from calibrated tightening to neutral.
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